Succession Plans Are Used to

question 11

Multiple Choice

Succession plans are used to

• A) plan employee careers, including the progression through a number of key positions
• B) plan the next step toward achieving the company's goals
• C) lining up the best internal candidates for each managerial position
• D) helping managers find new jobs outside the company

Understand the role of change agents and the characteristics that make them effective.

Comprehend the significance of creating urgency and how it aids in the change process.

Grasp the various methods of dealing with resistance to change and when each method is preferred.

Understand the role of strategic visions in facilitating organizational change.

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Definitions:

Closing Entry

A closing entry is an accounting action that transfers the balances of temporary accounts to permanent accounts, thereby resetting the temporary accounts to zero for the start of the next accounting period.

Expense Accounts

Accounts that track the costs incurred by a business in its operational activities, which are then used to calculate net income by subtracting them from revenues.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a specific accounting period, facilitating the calculation of net income or loss.

Post-Closing Trial Balance

A trial balance prepared after closing entries are made, showing the balances of ledgers that remain for the start of the next period.